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New American Funding In-Depth Review
In a nutshell: New American Funding assists borrowers in 48 of the 50 states (New York and Hawaii are excluded) by providing them with multiple mortgage and mortgage refinancing options. They do not publish mortgage rates, but representatives from New American Funding are readily available to answer any questions you may have.
New American Funding In-Depth Review
In a nutshell: New American Funding assists borrowers in 48 of the 50 states (New York and Hawaii are excluded) by providing them with multiple mortgage and mortgage refinancing options. They do not publish mortgage rates, but representatives from New American Funding are readily available to answer any questions you may have.
New American Funding In-Depth Review

Overview

Founded in Orange County California in 2003, New American Funding has since developed into one of the nation’s top 30 lenders when it comes to mortgage loans and mortgage refinancing. The business boasts thousands of employees, is family-owned, and licensed in 49 states including Washington DC. Because they are a direct lender, they can offer borrowers competitive rates for home financing. They take pride in providing their customers with excellent service, and their website has over 30,000 positive customer reviews.

Eligibility Process

The application process for New American Funding is easy to complete and only requires a bit of basic information. The application asks for details that include name, phone number, email, and some information regarding your home and credit score. After completing the online application, New American Funding will then contact you with a mortgage quote. For FHA loans, a credit score of 580 is required and for most other loans, borrowers need a credit score of 620.

Fees & Rates

It’s important to speak with a representative from New American Funding to determine your monthly payment as it depends on mortgage rates, which constantly change. The business offers 15 and 30-year fixed mortgage rates, as well as a 5/1 ARM mortgage. Under the terms of a 5/1 ARM mortgage, your rate will be as low as possible for the first five years. After the fifth year, your rate would change depending on the rates of the current market.

Repayment Terms

As is common with lenders, payment terms depend on the type of loan granted and the length of the repayment period. New American funding offers a refinance calculator, a mortgage calculator, and an affordability calculator in order to help potential borrowers understand possible payment terms. The free calculators allow you to get an idea of the payment terms and how much you will have to pay. New American Funding promises transparency and guarantees no hidden fees for its services, as one of the company’s core principles is authenticity.

Customer Support

New American Funding offers an online customer care portal where customers may find support. Though their business hours are unclear, the company also hosts support via phone and email. They have active social media pages on Twitter, Facebook, and YouTube. According to their more than 30,000 online reviews, customers report high satisfaction rates with the care and support that they receive from New American Funding.

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Pros
  • Fully online process
  • Wide variety of loan types
  • Excellent customer service
Cons
  • No live rates
  • Not available in NY
Mortgage Loans FAQs
Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.
How do mortgage loan services work?
Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.
What kind of information do I need to provide to apply for a mortgage?
As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.
Can I refinance an existing mortgage loan?
There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.
What is APR?
The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.
How much time do I have to repay the loan?
Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.
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